Tyre shares surge as rubber prices sink and car sales rise
Tyre shares surged as rubber futures made their first weekly loss in seven weeks and car sales continued to rise.
January delivery rubber on the Shanghai Futures Exchange lost 0.44 percent to RMB 18,100 a ton, ending the week with the first weekly loss in seven weeks.
China's passenger-vehicles sales rose to 832,596 in July, up 70.5 percent from July last year, the biggest monthly gain since this January, according to the China Association of Automobile Manufacturers
Aeolus Tyre Co. (SH:600469) and Double Coin Holdings (SH:600623) surged to the 10 percent trading cap. Qingdao Doublestar Co.(SZ:000599) climbed 8.37 percent. Guizhou Tyre Co. (SZ:000589) added 5.60 percent.
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